Placement: Resolutions
Action Requested: Motion / Vote
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Resolution 26-GFC-01, Authorizing the President or CEO to Enter into and Execute a Purchase and Sale Agreement between the Port St. Lucie Governmental Finance Corporation and Costco Wholesale Corporation, for a portion of Lot 2, Southern Grove Plat 45, totaling 22.8 acres of land.
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Submitted By: Jennifer Davis, Director, Community Redevelopment Agency
Executive Summary:
In June 2024, Costco Wholesale Corporation approached the City of Port St. Lucie, seeking to acquire land in Port St. Lucie to construct a membership warehouse club. Since that time, staff have been negotiating with Costco to refine the terms and conditions associated with the desired location in Southern Grove.
Presentation Information:
Staff will provide a brief presentation, if requested.
Staff Recommendation:
Move that the Board approve the Resolution authorizing the President or CEO to execute the Purchase and Sale Agreement with Costco Wholesale Corporation.
Alternate Recommendations:
1. Move that the Board amend the recommendation and approve the Resolution authorizing the President or CEO to execute the Purchase and Sale Agreement with Costco Wholesale Corporation.
2. Move that the Board not approve the Resolution and provide staff with direction.
Background:
Over the last several years, the Southern Grove Jobs Corridor has become a reality. The next phase of implementing the Southern Grove Master Plan is to focus on key retail sites within Southern Grove and to complete the necessary infrastructure to support the new businesses. In June 2024, Costco Wholesale Corporation approached the City of Port St. Lucie, seeking to acquire land to construct a membership warehouse club. Since that time, staff have been negotiating with Costco to refine the terms and conditions associated with the desired location in Southern Grove. The location is adjacent to the Costco Distribution Depot, a 1.8 million square foot distribut...
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